It’s not every day a short sale takes over a year….but when Bank of America is in charge – anything is possible. When this Middletown couple was referred to me, they had been struggling to keep up with the mortgage and knew it was time to give up and short sell.
We listed the property and 8 months slowly passed as we struggled to get moving on our FHA short sale, but Bank of America kept insisting on pushing a loan modification, threatening and harassing my clients until finally they were released from the loan modification department and moved into short sales.
As we finally started making progress, Bank of America quickly sold the loan to M&T Bank, and we were forced to start over. Thankfully – removing Bank of America from the picture was the best thing that could have happened as the file started to quickly move. Less than 3 months later the short sale was approved, but unfortunately our buyer decided to walk away. Back on market, it took just a month to secure a strong new buyer…and 7 weeks later this M&T Bank FHA short sale FINALLY CLOSED!!!
APPROVED AND SETTLED IN FULL WITH SELLER RECEIVING $1,000 FHA INCENTIVE: $200,000
TOTAL TIME FRAME: 15 MONTHS
Last Updated on September 12, 2017 by Minna Reid